Prayut shifts to 'new normal' economic management

[rooster59]

Prayut shifts to 'new normal' economic management

By The Nation

 

Prime Minister Prayut Chan-o-cha on Friday meets with his economic advisers, business leaders and some ministers to discuss extra measures to support small businesses and people adversely affected by the Covid-19 pandemic.

 

Prime Minister Prayut Chan-o-cha has changed the way he manages the economy by increasing collaboration with his economic advisers and business leaders.

 

 

Prayut postponed today's meeting of the Council of Economic Ministers and instead held a meeting with his advisers, economic ministers and business leaders to discuss remedial and recovery plans after the Covid-19 outbreak.

 

Deputy Prime Minister Somkid Jatusripitak, who leads the Cabinet economics team, also attended today’s meeting.

 

Somkid downplayed the postponement of the economic ministers meeting, saying that economic management would run smoothly as he knows both the PM's advisers and business leaders very well.

 

“It is better for the PM to have all the information, including from outsiders, before making a decision on economic measures,” said Somkid.

 

“PM Prayut is interested in how to support small and medium-sized enterprises and we have already talked with the Finance Ministry about measures to support SMEs, which will be submitted for Cabinet approval once the PM agrees,” said Somkid. He added that the Finance Ministry cannot solve many problems on its own and needed cooperation from other ministries run by different parties in the coalition, such as the Agriculture, Commerce and Labour ministries. The PM, as leader of the economic team, was in a good position to secure that cooperation "because coalition government needs to move together”, added Somkid.

 

Kobsak Pootrakool, secretary of the Council of Economic Ministers and the PM's deputy secretary-general on political affairs, said the prime minister has changed the way he works under the "new normal" by listening more to his economic advisers. Previously, Prayut was merely updated by senior officials and talked with ministers.

 

Kobsak said the PM's economic advisers and business leaders have proposed establishing a centre for economy recovery from the Covid-19 pandemic, similar to the government’s Centre for Covid-19 Situation Administration (CCSA) which has won success in containing the outbreak.

Meanwhile Paiboon Narintarangkul, chairman of the Federation of Thai Capital market Organisations, urged the government to make Thailand the hub for regional finance and capital markets. Others have proposed legal reform in order to make doing business in Thailand much easier.

 

Other business leaders attending today's meeting were Kalin Sarasin, secretary-general of the Thai Chamber of Commerce. Suphachai Chearavanont, chairman of the Council of Digital Economy and Society, Ghanyapad Tantipipatpong, chairmen of the Thai National Shippers’ Council, Supant Mongkolsuthree, chairman of the Federation of Thai Industries and Predee Daochai, president of the Thai Bankers’ Association. Prayut’s economic advisers in attendance included Pailin Chuchottaworn, former deputy transport minister, Setthaput Suthiwart-Narueput, a member of the central bank’s Monetary Policy Committee, and Pirapan Salirathavibhaga.

 

The meeting came a day after the four ministers credited with running Thailand's economy resigned from the ruling Palang Pracharat Party, though kept their seats in Cabinet. Prayut announced on Thursday he would reshuffle the Cabinet after talks with coalition parties. Prayut’s economic management has failed to impress observers since Thailand's economy is currently the worst performer among Asean countries.

 

Source: https://www.nationthailand.com/business/30391099

 

-- © Copyright The Nation Thailand 2020-07-11

 

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[tribalfusion001]

Adjusting to the new normal with the 21.6% (2018) drop in GDP from no tourism. Not everyone is infected with this virus, actually it's still a very low percentage of people.

[mr mr]

the best way of accelerating the economy is with your foot pressed firmly on the nations throat...

 

rev up that engine PM and get this economy back on track. vroom vroom.

[CLS]

“Prayut postponed today's meeting of the Council of Economic Ministers and instead held a meeting with his advisers, economic ministers and business leaders to discuss remedial and recovery plans after the Covid-19 outbreak.“

 

Does he admit that his ministers are just politicians/soldiers that are not qualified for their jobs and are just fair-weather captains at best?

[WineOh]

The best way for the economy to get going again is for the PM to stay at home and clean his rifles. 

[smedly]

2 hours ago, rooster59 said:

Prime Minister Prayut Chan-o-cha has changed the way he manages the economy by increasing collaboration with his economic advisers and business leaders

suddenly realised that being an army general doesn't quite cut it - the economy doesn't follow orders 555

 

probably also setting up scapegoats when everything implodes - getting closer and closer for my prediction, more and more signs appearing 

[Trillian]

2 hours ago, tribalfusion001 said:

Adjusting to the new normal with the 21.6% (2018) drop in GDP from no tourism. Not everyone is infected with this virus, actually it's still a very low percentage of people.

Say what, 21.6%, 2018!

 

https://tradingeconomics.com/thailand/gdp

 

 

Edited July 11, 2020 by Trillian

[nev]

3 hours ago, mr mr said:

the best way of accelerating the economy is with your foot pressed firmly on the nations throat...

 

rev up that engine PM and get this economy back on track. vroom vroom.

Are you a Scotty Kilmer fan on YouTube by any chance ? ????

[Grumpy John]

3 hours ago, mr mr said:

the best way of accelerating the economy is with your foot pressed firmly on the nations throat...

 

rev up that engine PM and get this economy back on track. vroom vroom.

You must watch Scottie Kilmer videos as much as I do judging from you final sentence! 

[yellowboat]

10 hours ago, rooster59 said:

Prayut’s economic management has failed to impress observers since Thailand's economy is currently the worst performer among Asean countries.

What management?  Business leaders are the 1%.  They will end up owning 90% country in a year.  Its an economy that exports goods design by foreigners, some agricultural products and is reliant on tourism.  Internal consumption is small.   Taxes suck the life out of the economy.  Lower them.  Abolish conscripts like Taiwan has.  If offering snivel servants early retirement helps save money, offer that.  No pay raises for anybody in government.  Offer longer visas for and stop hassling tourists.

[hotchilli]

11 hours ago, CLS said:

“Prayut postponed today's meeting of the Council of Economic Ministers and instead held a meeting with his advisers, economic ministers and business leaders to discuss remedial and recovery plans after the Covid-19 outbreak.“

 

Does he admit that his ministers are just politicians/soldiers that are not qualified for their jobs and are just fair-weather captains at best?

Never

[mr mr]

13 hours ago, Grumpy John said:

17 hours ago, mr mr said:

the best way of accelerating the economy is with your foot pressed firmly on the nations throat...

 

rev up that engine PM and get this economy back on track. vroom vroom.

You must watch Scottie Kilmer videos as much as I do judging from you final sentence! 

what the heck is a scottie kilmer. going to check him out now. 

 

snap he is a car guy on youtube makes vroom vroom vids.

Edited July 11, 2020 by mr mr

[Ketyo]

How is an army general qualified to chair any economic council.

 

Prayut only knows how to stop, ban and crackdown on things.

 

He has no idea about economics. And he doesn't have the intelligence to learn.

 

When there is an economic crisis, you really don't want the army running the economy.

[Trillian]

15 minutes ago, Ketyo said:

How is an army general qualified to chair any economic council.

 

Prayut only knows how to stop, ban and crackdown on things.

 

He has no idea about economics. And he doesn't have the intelligence to learn.

 

When there is an economic crisis, you really don't want the army running the economy.

What you don't seem to understand is that just underneath every government is a network of permanent civil service and finance functions which continually maintain the fabric of the economy, keep financial models up to date and examine options for how to maintain the financial climate. When government changes, that underlying network or permanent infrastructure remains in place and this is true of most Western countries also. Incoming politicians are not necessarily expected to be financially savvy and they don't need to be because all the leg work has been done for them by the permanent infrastructure. All the politician has to do is approve the recommendations made for them and carry it forward to Cabinet.

[steven100]

On 7/11/2020 at 6:42 AM, rooster59 said:

“PM Prayut is interested in how to support small and medium-sized enterprises and we have already talked with the Finance Ministry about measures to support SMEs, which will be submitted for Cabinet approval once the PM agrees,”

Excellent work by Khun Prayut Chan O Cha and his government. He is concerned about the effect the covid19 is having on SME's , and as such will support them where possible. 

[samsensam]

15 minutes ago, Trillian said:

What you don't seem to understand is that just underneath every government is a network of permanent civil service and finance functions which continually maintain the fabric of the economy, keep financial models up to date and examine options for how to maintain the financial climate. When government changes, that underlying network or permanent infrastructure remains in place and this is true of most Western countries also. Incoming politicians are not necessarily expected to be financially savvy and they don't need to be because all the leg work has been done for them by the permanent infrastructure. All the politician has to do is approve the recommendations made for them and carry it forward to Cabinet.

 

absolutely, a few years ago belgium didnt have a government for 541 days and recently the northern ireland assembly was suspended for around three years... someone had to be running things while the politicians bickered. 

[steven100]

Khun Prayut Chan O Cha has done a good job in keeping Thailand's economy moving ahead as shown in the data below. GDP has increased year on year, gov' spending on infrastructure has increased yr on yr,

right up until covid19 started ... you can see the data is showing an increase each year  !! 

data doesn't lie ..... 

[bodga]

On 7/11/2020 at 7:29 AM, CLS said:

“Prayut postponed today's meeting of the Council of Economic Ministers and instead held a meeting with his advisers, economic ministers and business leaders to discuss remedial and recovery plans after the Covid-19 outbreak.“

 

Does he admit that his ministers are just politicians/soldiers that are not qualified for their jobs and are just fair-weather captains at best?

Welcome aboard the Mary Celeste, man? in command Captain Pugwash Prayut

[steven100]

32 minutes ago, NB1986 said:

GDP may increase but what about a public debt to GDP?? Did jobs increase?? The GDP is growing until China is pumping their money into Thailand with low percentage loans. I think you should stay away from economy same as your best friend. 

i think you should look at the Philippines of Laos my friend, maybe you see a better economy there.

[steven100]

Thailand has economically done better with Khun Prayut Chan O Cha as PM in the past 6 years than previous wanted criminal governments tried to do in 10 yrs.  It's fact  !!!  

And you cannot dispute fact.   !! 

[Trillian]

9 hours ago, NB1986 said:

GDP may increase but what about a public debt to GDP?? Did jobs increase?? The GDP is growing until China is pumping their money into Thailand with low percentage loans. I think you should stay away from economy same as your best friend. 

Public debt to GDP remained largely flat at 42%, until the pandemic when it increased to 53%. It should be noted that PD of 42% is extremely low by any comparison or measure.

 

Employment also remained low at 1% +4% (transient), a level that has remained unchanged for several years.